I am a fan of the redshirting a SR move, it is a very legitimate strategy that can put your team over the edge the following season. Just remember to apply the RS at the end of the season if he has some growth left, and also expect him to get worse after his redshirted season and never get back to where he was. A JUCO may not be ideal to redshirt, as they tend to leave some growth on the table after they graduate. But if he is almost tapped out, or you are content with his stats as they are now, then go for it if you have something to win the following year. If you are just talking about the difference between a 1st round or 2nd round NT team, then its probably not worth the move.
You can treat the season while the player is redshirted as one big exhibition. Tinker around with your lineup, optimize your player distro, figure out who can hit the 3, etc. This will give a little more purpose to your season.